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How to Become a Registered ISO

Do you want to become a registered ISO? A registered ISO is an independent company that can have sub-agents. To become a registered ISO, a person or business must find a sponsoring processor, or larger ISO to sell for. They must also register with MasterCard and Visa. This process can be expensive and time consuming, but allows the ISO to provide lower rates for credit card processing. They also have more control over prices, advantageous buy rates to resell credit card processing services, residual payment options, and the ability to create independent brands which can lead to tons of profit.

How to Apply?

To become a registered ISO, first find a company to resell for. Pick a good company with the best support and positive business image with a good reputation for paying their ISO’s. Pay close attention to what types of payment services the ISO provides, this can affect your ability to make profit in the long-term. For example, some ISO’s refuse card-not-present businesses and new ecommerce. Once you’ve chosen an ISO, the registration process begins. This may take up to 6 months. The initial registration fee for signing up with a single ISO is about $10,000 for the first year and $5,000 for every following year.

The application for MasterCard and Visa is lengthy and expensive. Applicants will have their personal and business histories scrutinized. Financials will be investigated, business and personal assets and credit will be scoured along with civil and criminal history. If there is an issue, Visa and MasterCard will communicate with the sponsor and not the actual applicant. The sponsor will then contact the applicant for more information.

Once the application is approved, be sure to adhere to all the ISO regulations. Do not try to transfer your current clients to your new sponsor. This will jeopardize your residuals and you could be sued or fined. Contact an attorney to assist you with any legal questions.

FAM is a leading payment processor that specializes in providing merchant loans to small businesses. Our organization give ISO agents access to a large customer base, and provides a wide variety of progressive payment options. This generates above average opportunities for clients and agents to enjoy bigger profits. Contact us today about the opportunities that FAM can provide ISO’s.